At the potential level of output, there is no seasonal unemployment
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 21-2. Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4%
A price floor is the minimum price that consumers have to pay for a particular product
a. True b. False Indicate whether the statement is true or false
The demand curve faced by a monopolist is
a. perfectly elastic b. perfectly inelastic c. undefined d. the market demand curve e. the sum of the demand curves for perfectly competitive firms in a similar industry
The economy of Omega operates according to Okun's law. In Omega, the actual and the natural rates of unemployment equal 5 percent, and real GDP equals $10 trillion. What is potential GDP in Omega?
A. $10.5 trillion B. $9.5 trillion C. $9.0 trillion D. $10.0 trillion